13- Dalworth and Minor have decided to form a partnership. Minor is going to contribute a depreciable asset to the partnership as her equity contribution to the partnership. The following information regarding the asset to be contributed by Minor is available: Historical cost of the asset $ 276,000 Accumulated depreciation on the asset $ 140,000 Note payable secured by the asset and assumed by the partnership $ 118,000 Agreed-upon market value of the asset $ 245,000 Based on this information, Minor's beginning equity balance in the partnership will be: Top of Form Multiple Choice $18,000 Bottom of Form Top of Form $127,000 $276,000 $158,000 $136,000
13- Dalworth and Minor have decided to form a partnership. Minor is going to contribute a depreciable asset to the partnership as her equity contribution to the partnership. The following information regarding the asset to be contributed by Minor is available: Historical cost of the asset $ 276,000 Accumulated depreciation on the asset $ 140,000 Note payable secured by the asset and assumed by the partnership $ 118,000 Agreed-upon market value of the asset $ 245,000 Based on this information, Minor's beginning equity balance in the partnership will be: Top of Form Multiple Choice $18,000 Bottom of Form Top of Form $127,000 $276,000 $158,000 $136,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
13-
Dalworth and Minor have decided to form a
|
|
||
|
Historical cost of the asset |
$ |
276,000 |
|
|
$ |
140,000 |
|
Note payable secured by the asset and assumed by the partnership |
$ |
118,000 |
|
Agreed-upon market value of the asset |
$ |
245,000 |
Based on this information, Minor's beginning equity balance in the partnership will be:
Top of Form
Multiple Choice
$18,000
Bottom of Form
Top of Form
- $127,000
$276,000
$158,000
$136,000
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